In a recent published report, Kenneth Research has updated the market report for Smart Light Fixture and Control Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Smart Light Fixture and Control Market products.
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According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
As per the latest report published by Variant Market Research, The Global Smart Light Fixture and Control Market is estimated to reach $126.6 Billion by 2024; growing at a CAGR of 18.9% from 2016 to 2024. Smart light fixture and control units are improving the overall operating efficiency and are one step closer towards saving energy. These light fixtures could be operated remotely through devices such as, remote, smartphones, and often by sound. These fixtures have sensors connected to them, which turns them off when there is no one around, and thus can save a lot of energy. Due to its features like energy saving, easy installation, and control, it is expected to increase its demand globally. They are massively used in various commercial, residential, industrial, and other end user industries.
The global smart light fixture and control market is mainly driven by factors such as increasing adoption of smart lights in commercial and residential spaces, low sensors prices, and easy installation and control. However, huge installation cost for huge establishments is the major hindrance for the growth of the market. Besides, rising government initiatives about low energy consumption globally is likely to gain significant impetus over the upcoming years.
The global smart light fixture and control market is categorized on the basis of lighting type, technology, application, and geography. LED, CFL, plasma lamps, fluorescent lights, and HID lamps are the categorization of lighting type. Segmentation by technology includes fixture, and control. And by application, the classification are residential, commercial, and other applications.
Based on geography, global smart light fixture and control market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe segment consist of UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific, while RoW is bifurcated into South America, Middle East, and Africa.
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The key market players operating in the market includes General Electric Company, Philips Lighting, Honeywell International, Schneider Electric SE, Digital Lumens, Inc., StreetLight Vision, Legrand S.A., Acuity Brands Lighting, Inc., Inc., OSRAM Licht AG, and Cooper Industries, Inc. among others.
The key takeaways from the report
The report will provide detailed analysis of Smart Light Fixture and Control Market with respect to major segments such as lighting type, technology, and application
The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024
Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
An exhaustive regional analysis of Smart Light Fixture and Control Market has been included in the report
Profile of the key players in the Smart Light Fixture and Control Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of Smart Light Fixture and Control Market
Lighting Type Segments
CFL
LED
Fluorescent Lights
Plasma Lamps
HID Lamps
Technology Segments
Fixture
Control
Application Segments
Commercial
Residential
Other Applications
Geographical Segments
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Rest of Europe
Asia-Pacific
India
China
Japan
South Korea
Rest of Asia-Pacific
RoW
South America
Middle East
Africa
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